Oxford Street’s Plaza shopping centre is about to get a facelift. The London W1 scheme’s German owner, Firefly, is spending £4m on transforming it into a friendlier environment.
Works include removal of the main entrance doors, as well as extensive remodelling of the first-floor structure above the entrance. The escalators and lifts linking ground and basement floors will also go, and the food court is being relocated to the first floor – into 17,000 sq ft (1,579m2) formerly occupied by Reject Shop. Ten new shop units will be created and the basement will contain two restaurant/retail operators, accessed from Wells Street and Berners Street.
“The ground floor has always let well, despite internal surroundings, because of the scheme’s location – and we want to enhance this,” said Scott Murdoch of Carter Wassell Murdoch, joint letting agent with DTZ Debenham Thorpe.
Existing tenants include Warehouse, Oasis and The Gap and the centre was recently boosted by the arrival of Holmes Place health club, which will occupy 22,500 sq ft (2,090m2) on the second floor, paying £5 per sq ft (£53.82 per m2). Zone A rents on the ground floor, fronting Oxford Street, are around £125-£130. This drops to £105 for internal units and £60-£70 for those on the first floor.
The works should be completed by next summer.
